Shiba Inu Coin’s Shiboshi NFT collection sold out in just 35 minutes last night as hodlers rushed to mint one of 10,000 SHIB-based NFTs.
While Shiba’s project lead Shyoshi Kusama praised the speed at which the Shiboshi’s sold, they were met with significant backlash from users who spend hundreds in gas fees, but still could not buy a Shiboshi NFT.
Here’s a look at what happened.
Gas Prices Hit Hodlers
After the main Shiba Inu Coin account announced the Shiboshi NFTs would release on October 14, Shytoshi gave further details about the launch on their own Twitter profile. The launch was scheduled for 5:30 PM EST.
According to Shytoshi, the 10,000 NFTs were all claimed within 35 minutes.
While the launch may have been a success for some Shiba followers, others took to social media to criticise the release and its gas fee issues.
“Yeah, I lost $1500 in gas fees and didn’t get anything,” one user said. “Paid the $125 gas fee, and got nothing in return. Man, this sucks,” said another.
It appears that the NFT minting process burned many prospective NFT owners. After one transaction was required to gain approval, SHIB users were unable to mint a Shiboshi NFT, resulting in several failed transactions, of which it is difficult to refund.
Shytoshi addressed hodlers’ concerns with the gas fees after the launch. They shared a tweet from the Shibarium – the Shiba blockchain project – that stated it would be a solution to high gas fees that come from the Ethereum blockchain.
As for those successful users (2,900 hodlers, according to OpenSea), trading has already started. Shiboshi #2 sold for 25 ETH – some $95,000. The floor price for the Shiboshi collection is 0.9 ETH.
The next steps for the Shiboshi NFTs include allowing hodlers to name their Shib's, contributing to the SHIB burn, and the development of a Shiboshi NFT game, codenamed the Oshiverse.
SHIB is down 11.16% in the past 24 hours at the time of writing.
Read More: Shiba Inu Coin vs Dogecoin: Here's What Price SHIB Needs To Hit To Overtake DOGE